Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): September 9, 2024

(Exact name of registrant as specified in its charter)


Customers Bancorp, Inc.


Pennsylvania	001-35542	27-2290659
(State or other jurisdiction of incorporation)	(Commission File number)	(IRS Employer Identification No.)

701 Reading Avenue

West Reading PA 19611

(Address of principal executive offices, including zip code)

(610) 933-2000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instructions A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbols

Name of each exchange on which registered

Voting Common Stock, par value $1.00 per share

CUBI

New York Stock Exchange

Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series E, par value $1.00 per share

CUBI/PE

New York Stock Exchange

Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series F, par value $1.00 per share

CUBI/PF

New York Stock Exchange

5.375% Subordinated Notes due 2034

CUBB

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On September 9, 2024, Customers Bancorp, Inc. (the “Company”), parent company of Customers Bank (“Customers Bank”), issued a press release announcing, among other matters, the promotion of Lyle Cunningham, previously Customers Bank’s Chief Lending Officer & Head of Corporate and Specialized Banking, to Chief Banking Officer of Customers Bank, and the hiring of Nick Robinson as Chief Risk Officer of Customers Bank. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

The information in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, such information shall not be deemed incorporated by reference into any of the Company’s reports or filings with the SEC, whether made before or after the date hereof, except as expressly set forth by specific reference in such report or filing. The information in this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.



Exhibit						Description
Exhibit 99.1						Press Release Dated September 9, 2024

++++++++++++++++++++++++++++++

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


			CUSTOMERS BANCORP, INC.

			By: /s/ Andrew Sachs
			Name: Andrew Sachs
			Title: Executive Vice President - General Counsel and Corporate Secretary

Date: September 9, 2024

EXHIBIT INDEX


Exhibit						Description
Exhibit 99.1						Press Release dated September 9, 2024

Exhibit 99.1

Customers Bancorp, Inc.

701 Reading Avenue

West Reading, PA 19611

Contact:

Jordan Baucum, Media Relations

jbaucum@customersbank.com

951-608-8314

Customers Bank bolsters executive team with new C-suite appointments, sets stage for continued deposit growth, momentum

(WEST READING, Pa., September 9, 2024) Customers Bank, the $21 billion asset subsidiary of Customers Bancorp (NYSE:CUBI), is laying the groundwork for continued deposit growth in commercial and specialty banking divisions, enhancing its C-suite to incorporate significant, top-level expertise and capabilities. A new role of Chief Banking Officer will be filled by Lyle Cunningham, a long-standing member of the company who most recently served as Executive Vice President, Chief Lending Officer & Head of Corporate and Specialized Banking. Additionally, the Bank has named Nick Robinson as Chief Risk Officer, who hails from a top 10 bank in the U.S. Robinson will collaborate closely with Joan Cheney, who is transitioning to the Deputy Chief Risk Officer role.

“Customers Bank has grown into one of the nation’s top-performing banks, and as we position ourselves for the next stage of our journey, we must remain cognizant of the rapidly evolving environment around us and all its associated risks and opportunities,” said Sam Sidhu, President and CEO. “We are fortunate to count some of the most talented professionals in the financial services industry among our ranks, and their dedication to delivering exceptional customer service and forward-thinking technological solutions, all with an eye toward prudent risk management, will be key to our continued success.”

Customers Bank has instituted a new role of Chief Banking Officer, promoting Lyle Cunningham to fill it. With the company for more than 10 years, Cunningham most recently served as Chief Lending Officer and Head of Corporate and Specialized Banking, overseeing corporate lending and deposits including Lender Finance, Fund Finance, Financial Institutions, Technology and Venture, and Healthcare groups. As Chief Banking Officer, he will gain comprehensive responsibility for the Bank’s lending and deposits functions. A member of the Executive Committee, Cunningham works with Bank leaders to drive long- and short-term strategies that promote market and deposit growth. With nearly 40 years of experience in banking and finance, he is well-equipped to provide strategic consultation on the Bank’s next stage of growth.

The company is also growing its risk management team, reinforcing its risk management efforts through a collaborative Chief Risk Officer and Deputy Chief Risk Officer partnership. Robinson brings a wealth of experience to the position of Chief Risk Officer, having led risk management, compliance and operations initiatives for some of the world’s most admired companies in a career spanning over 25 years. Most recently, he served as Chief Risk Officer for Capital One’s commercial division and spearheaded the design and execution of its compliance risk policies and procedures. At Customers Bank, he will be responsible for identifying and mitigating current and future risks, monitoring and testing risk controls, and continuing to promote risk management as a key pillar of the Bank’s workplace culture. Robinson assumed his role with Customers Bank on September 3.

Robinson’s addition was a joint effort between the Executive Committee and Joan Cheney, who will continue with Customers Bank as Deputy Chief Risk Officer. His inclusion augments the Bank’s strong bench of risk management experts. Robinson and Cheney will partner to position Customers Bank to meet the future with confidence no matter the regulatory or risk environment.

Institutional Background

Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s top-performing banking companies with nearly $21 billion in assets making it one of the 80 largest bank holding companies in the U.S. Customers Bank’s commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include:

•No. 1 on American Banker 2024 list of top-performing banks with $10B to $50B in assets

•No. 29 out of the 100 largest publicly traded banks in 2024 Forbes Best Banks list

•No. 52 on Investor’s Business Daily 100 Best Stocks for 2023

A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender. Learn more: www.customersbank.com.

Document and Entity Information	Sep. 09, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Sep. 09, 2024
Entity Registrant Name	Customers Bancorp, Inc.
Entity Incorporation, State or Country Code	PA
Entity File Number	001-35542
Entity Tax Identification Number	27-2290659
Entity Address, Address Line One	701 Reading Avenue
Entity Address, City or Town	West Reading
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19611
City Area Code	610
Local Phone Number	933-2000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001488813
Amendment Flag	false
Voting Common Stock, par value $1.00 per share \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Voting Common Stock, par value $1.00 per share
Trading Symbol	CUBI
Security Exchange Name	NYSE
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, par value $1.00 per share \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Fixed-to-Floating Rate Non-Cumulative PerpetualPreferred Stock, Series E, par value $1.00 per share
Trading Symbol	CUBI/PE
Security Exchange Name	NYSE
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, par value $1.00 per share \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Fixed-to-Floating Rate Non-Cumulative PerpetualPreferred Stock, Series F, par value $1.00 per share
Trading Symbol	CUBI/PF
Security Exchange Name	NYSE
5.375% Subordinated Notes due 2034 \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	5.375% Subordinated Notes due 2034
Trading Symbol	CUBB
Security Exchange Name	NYSE